Bass v. Commissioner
United States Board of Tax Appeals
STOCK DIVIDEND. - A taxable stock dividend resulted where preferred stock was issued proportionately to the holders of no par value common stock and the only change in the no par value common stock, the only other outstanding stock, was to reduce its "stated value" by an amount equal to the par value of the preferred stock.
1Opinion of the Court
EDITH B. BASS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bass v. Commissioner
Docket No. 105220.
United States Board of Tax Appeals
45 B.T.A. 1117; 1941 BTA LEXIS 1025;
December 30, 1941, Promulgated
STOCK DIVIDEND. - A taxable stock dividend resulted where preferred stock was issued proportionately to the holders of no par value common stock and the only change in the no par value common stock, the only other outstanding stock, was to reduce its "stated value" by an amount equal to the par value of the preferred stock.
Edward C. Thayer, Esq., and E. Barton Chapin, Esq., for the…
2Cases cited1 opinion
- Bass v. CommissionerUnited States Board of Tax Appeals · 1941